深度报告-20231106-中邮证券-叉车专题_锂电化方兴未艾_国际化持续推进_18页_1mb

Industry Overview: Forklifts are crucial equipment for material handling, used in sectors like warehousing, manufacturing, and logistics. They range from electric to internal combustion types, with global sales exceeding 2 million units in 2022, marked by steady growth driven by electrification.

Market Growth and Electric Transition: The global forklift market shows a 7.8% CAGR from 2012 to 2022. Electric forklifts are rapidly replacing lead-acid models in the short term due to advantages like longer lifespan and faster charging, with lithium batteries set to eventually ease out fuel forklifts.

China Market Dynamics: China's domestic forklift sales slightly dropped in 2022 but exports grew significantly, especially of lithium-electric models. The market is shifting toward higher-value electric classes (Class 1 and 2), leading to improved structural balance.

International Prospects: In North America, short-term demand faced pressure in 2022, with cautious forecasts for 2023, but opportunities arise from expected manufacturing shifts, potentially boosting orders by 2025 due to large infrastructure projects.

Competitive Landscape and Investment: Top companies include global leaders like Toyota and domestic players like Hangcha Group and Anhui Chilwee, which are expanding internationally and focusing on high-adding-value products. These firms may close valuation gaps with global rivals through international sales and Li-ion adoption.

Key Recommendations: Focus on companies like Hangcha and Anhui Chilwee for exposure to electrification and exports. Monitor risks such as slower electric adoption or intensified competition.